Another tax proposal
The numbers here were far too pessimistic.
The multiple can and should be much lower. Due to the attempt to not cover the Occupy movement, we now know the line between the haves and have nots rest just below $325000.
Using the above referenced formula, with a minimum wage salary of $14514.50 per year, that multiple can be as low as 23 rather than the 150 in my ignorant proposal some months ago.
Just for fun, let’s set it to 25. That means all income beyond the sale of real property or capital gains not immediately rolled into another variety of investment after $362862.50 would be taxed at 84%. I’ll go further and propose that once you get beyond a multiple of 30, or $435435.00, those monies would be taxed federally at 115%. You want to keep money in the economy and working for something that looks like the greater good? This is it.
Remember this is tied to hours worked and the minimum wage. If you want to raise those numbers readily, you have to raise the minimum wage. Those workers are pretty much conduits for currency anyway and that money will always go immediately back into the general economy. I am not entertaining any AM-radio BS about raising the minimum wage hurting the economy, this effect has never been seen. To the contrary.
This results in a national maximum take-home pay of $9630.30 biweekly. Think you can scrape by on that?
I’m still working out the nature of what to do with professional athletes, actors, inventors and the like who may find themselves in short-term, high-wage situations. I suspect the solution lies with something not unlike a 401(k), but more ambitious.